the number that is covered is
$12.50
Homework Answers
Solution:
Total units sold = 19000
Ending inventory = Units available for sale - Units sold = 54000 - 19000 = 35000
Solution 1:
| Computation of COGS and ending inventory - Periodic LIFO | |||||||||
| Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
| Beginning inventory | 11000 | $12.50 | $137,500 | 0 | $12.50 | $0.00 | 11000 | $12.50 | $137,500.00 |
| Purchases: | |||||||||
| 2-Mar | 13000 | $13.70 | $178,100 | 0 | $13.70 | $0.00 | 13000 | $13.70 | $178,100.00 |
| 15-Jul | 20000 | $14.80 | $296,000 | 9000 | $14.80 | $133,200.00 | 11000 | $14.80 | $162,800.00 |
| 30-Nov | 10000 | $15.35 | $153,500 | 10000 | $15.35 | $153,500.00 | 0 | $15.35 | $0.00 |
| Total | 54000 | $765,100 | 19000 | $286,700.00 | 35000 | $478,400.00 | |||
Solution 2:
| Computation of COGS and ending inventory - Periodic FIFO | |||||||||
| Particulars | Cost of goods available for sale | Cost of goods sold | Ending Inventory | ||||||
| Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
| Beginning inventory | 11000 | $12.50 | $137,500 | 0 | $12.50 | $0.00 | 11000 | $12.50 | $137,500.00 |
| Purchases: | |||||||||
| 2-Mar | 13000 | $13.70 | $178,100 | 0 | $13.70 | $0.00 | 13000 | $13.70 | $178,100.00 |
| 15-Jul | 20000 | $14.80 | $296,000 | 9000 | $14.80 | $133,200.00 | 11000 | $14.80 | $162,800.00 |
| 30-Nov | 10000 | $15.35 | $153,500 | 10000 | $15.35 | $153,500.00 | 0 | $15.35 | $0.00 |
| Total | 54000 | $765,100 | 19000 | $286,700.00 | 35000 | $478,400.00 | |||
Solution 3:
| Computation of COGS and ending inventory - Periodic Weighted Average cost method | |||||||||
| Particulars | Cost of goods available for sale | Cost of goods sold - Average cost | Ending Inventory - Average cost | ||||||
| Nos of units | Unit Cost | Cost of goods available for sale | Nos of units sold | Unit Cost | Cost of goods sold | Nos of units in ending inventory | Unit Cost | Ending inventory | |
| Beginning inventory | 11000 | $12.50 | $137,500 | ||||||
| Purchases: | |||||||||
| 2-Mar | 13000 | $13.70 | $178,100 | ||||||
| 15-Jul | 20000 | $14.80 | $296,000 | ||||||
| 30-Nov | 10000 | $15.35 | $153,500 | ||||||
| Total | 54000 | $14.1685 | $765,100 | 19000 | $14.1685 | $269,202 | 35000 | $14.1685 | $495,898 |
Add Answer to:
the number that is covered is
$12.50
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